American International Group, Inc. (AIG) said Wednesday that it will sell its Hong Kong unit to China Construction Bank Asia for $70 million in cash.

The sale of AIG Finance (Hong Kong) Limited will also involve repayment of loans and deposits totaling US$557 million, AIG said in a statement.

Deutsche Bank is the advisor to AIG on the deal, which is subject to regulatory approval.

According to AIG, the Hong Kong unit is a leading credit card issuer with more than half a million customers as of June 30.